The menstrual cycle starts on the first day of the menstrual period and ends the day before the next period begins, and the average length of the menstrual cycle is 28 days. In different phases of the cycle there are different hormone levels. At the beginning of the cycle, the level of both estrogen and progesterone rises. Then, just before ovulation,the level of estrogen reaches the top. After that, the level of estrogen starts to fall but progesteron rises. In the luteal phase the progesterone level is higher than estrogen. Then, the level of both hormones is low and it is time for menstrual bleeding. Also, depending on different phases of menstrual cycles, fertility changes, and also some aspects of human behaviour and experince. For example, a woman is the most fertile during ovulation, and that is why she feels most attractive then, to increase her chances to find a partner, according to evolutionary theory. The body image is a subjective representation of one's own physical appearance that reflects the perception, thinking and feelings of a person related to her body. So, as the level of hormones/fertility changes, the feeling of attractiveness also changes in different phases of the cycle, which is why we can assume that also the perception of body also will. So, the purpose of this research was to determine whether satisfaction with appearance changes depending on different phases of the menstrual cycle. The subjects were 49 women, students older than 18 years of age. The average age was 21. Participants of research were women who have regular menstrual cycle, don't use contraceptive pills and don't have any reproductive or endocrine disease diagnosed. The research was conducted in two phases of measurement: ovulation and luteal phase of menstrual cycle, in which subjects filled The Body-Esteem Scale (BES; Franzoi i Shields, 1984). The BES consists of three subscales: Sexual Attractiveness, Weight Concern and Physical Condition. The results of this research show that there is no significant difference in satisfaction with body appearance in different phases of menstrual cycle, luteal (infertile) and ovulation (fertile) phase.